Yesterday SPX declined beneath my first level of support, OKing an increase in short exposure, which I did at the close buying another 5% SDS 30.25. I will do nothing more until DJI breaks 10,800. Currently, I expect a small bounce back to yesterday's close, which would be a good shorting opportunity if I had not already increased by shorts to 12.5%. Breaking 10,800 will allow me to increase exposure to 25%.
So, the progression is:
1) I1 top day sell strength to 7.5% short. I finally got in Tuesday instead of Monday, having been stopped out once.
2) Sell 5% more when SPX 15-minute, 54-unit M/A is broken by more than .56%
3) Sell 12.5% when DJI breaks 10,800. I will immediatedly short another 5% and will look for a rally to increase the other 7.5%.
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Steve
ReplyDeleteWhat i meant to say is should someone with a longer term outlook stay short now until 6/8 I1 bottom
Quite a bounce today. Where is your stop?
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